Influenza Diagnostic Market To Reach $3.3 Billion By 2024: Grand View Research, Inc.
The influenza diagnostics market is expected to reach
USD 3.3 billion by 2024, according to a new report by Grand View Research, Inc.
Influenza, or "the flu," is an infectious disease and affects the
upper respiratory tract in humans. The disease is common in children and
elderly population (aged 65 years and above). The disease has a huge impact on
public health. Influenza A virus poses a greater risk as compared to the
influenza B virus. The B virus is responsible for 20% to 25% of infections
globally. The growth in the influenza diagnostic market is attributed to factors
such as emergence of technologically advanced diagnostic tests with shorter
turnaround time; initiatives by regulatory bodies, such as CDC’s seasonal
influenza vaccination for prevention and control of seasonal influenza; and the
demand created for influenza diagnosis in the flu season.
Rapid Influenza Diagnostic Tests
(RIDTs) accounted for the largest share in 2015. RIDTs are tests that deliver
accurate results in approximately 15 minutes. This factor deems them efficient,
which has resulted in the lucrative growth of this segment with the fastest
CAGR. Reverse transcription polymerase chain reaction (RT-PCR) holds the second
highest market share following RIDTs, and this can be attributed to the fact
that it provides detailed analytical results, sharper turnaround times, and
high throughput.
Hospitals held the highest market
share in 2015, but Point-of-Care Testing (POCT) is anticipated to overtake and
lead the market in the coming future, owing to the increasing usage of POCT
because of its ease of use and short turnaround times.
North America dominates the
market, due to a high focus of the government and healthcare bodies to control
influenza.
Global Influenza Diagnostics
Market, 2014 - 2024 (USD Million)
Browse full research report on
Influenza Diagnostic Market
Further key findings from the
report suggest:
- North America
is anticipated to dominate the global influenza diagnostics market. The
high adoption rates of in vitro diagnostics and presence of
technologically advanced medical devices is expected to drive growth in
the region.
- The Asia
Pacific region is anticipated to be the fastest growing region in the
study period. This growth is attributed to factors such as increasing
initiatives by the countries to counter the incidence of the disease. For
instance, CDC reached a cooperative agreement with South-East Asian Region
to fund non research-related bilateral influenza as a measure to respond
to avian, seasonal, and pandemic influenza.
- The RIDT
segment is expected to grow at a significant rate compared to others and
accounts for the largest share in 2015.
- This market
comprises several local as well as global players. Some of the major
players of this vertical include Becton, Dickinson and Company, Roche
Diagnostics, Alere, Quidel Corporation, and Thermo Fisher Scientific.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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